Passport Energy and Amarok Energy propose merger

Passport Energy Ltd. and Amarok Energy Inc. have entered into a non-binding letter of intent (the "LOI") to complete a merger between the two companies (the "Proposed Transaction").

It is currently anticipated that the Proposed Transaction will proceed by way of a court approved plan of arrangement (the "Plan") under the Business Corporations Act (Alberta). The Proposed Transaction will be an arm's length transaction under the policies of the TSX Venture Exchange (the "Exchange").

Passport and Amarok expect to complete their respective due diligence by no later than March 27, 2014 and anticipate entering into an arrangement agreement (the "Arrangement Agreement") on or before March 28, 2014 or such other date as mutually agreed by the parties.